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SAAPS 2 (Revised) Financial Reporting Frameworks and the Auditor's Report and SAAPS 3 (Revised) Illustrative Report
Johannesburg / 02 July 2012
The IRBA today released the Revised South African Practice Statement (SAAPS) 2 (Revised) Financial Reporting Frameworks and the Auditor's Report and SAAPS 3 (Revised) Illustrative Reports issued, as at 30 June 2012, as non-authoritative guidance that provides practical assistance to auditors for use in South Africa. They provide material that firms can use in developing their training programs and providing internal guidance to their staff.
As non-authoritative guidance in the implementation of the International Engagement Standards, SAAPS 2 (Revised) and SAAPS 3 (Revised) may be implemented immediately on issue and accordingly no longer contain effective dates.
Withdrawal of the existing SAAPS 2 and SAAPS 3
The existing SAAPS 2 and SAAPS 3 are hereby withdrawn, and replaced with immediate effect by the SAAPS 2 (Revised) and SAAPS 3 (Revised) now issued.
SAAPS 2 (Revised)
The changes to SAAPS 2 (Revised) arise from the requirements of the Companies Act, 2008 and Regulations, 2011 pursuant thereto, that became effective from 1 May 2011 and include:
SAAPS 3 (Revised)
The changes to SAAPS 3 (Revised) arise from the requirements of the Companies Act, 2008 and Regulations, 2011 pursuant thereto, changes to the reporting standards included in the International Standards on Auditing and the International Standards on Review Engagements and address the public sector reporting requirements of the Auditor General South Africa.
SAAPS 3 (Revised) includes guidance on the format and wording of individual paragraphs in auditors' and independent reviewers' reports and illustrative example reports that:
We hope that auditors will find the illustrative reports useful and they will enhance the quality of reports issued.
SAAPS 2 (Revised) is available in a PDF format and SAAPS 3 (Revised) is available in both PDF and Word formats, and may be downloaded from the IRBA website.
Sandy van Esch
About the IRBA
The objective of the IRBA is to endeavour to protect the financial interests of the South African public and international investors in South Africa through the effective and appropriate regulation of audits conducted by registered auditors, in accordance with internationally recognised standards and processes.
The CFAS assists the IRBA to develop and maintain auditing pronouncements which are internationally comparable.